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Bayonne council introduces 25-year PILOT for Chauncey 5 after heated debate over affordability
Summary
The council voted to introduce O‑10, approving a 25‑year payment‑in‑lieu‑of‑taxes (PILOT) agreement with Chauncey 5 Urban Renewal LLC for a nine‑story project at 562–568 Broadway. Council members debated the length of the PILOT and the absence of an affordability component before the measure passed on introduction.
The Municipal Council of the City of Bayonne on Oct. 15 introduced an ordinance approving a financial agreement between the city and Chauncey 5 Urban Renewal LLC for a redevelopment project at 562–568 Broadway and set a public hearing and final passage for Nov. 12.
The director presented the development package as a nine‑story market‑rate residential project with a pocket park and a 25‑year PILOT schedule. Under the agreement as read into the record, years 1–15 of the PILOT are assessed at 10% of otherwise due taxes (with an effective tax phase‑in at 0% for years 1–15), years 16–18 at 20%, year 19 at 40%, year 20 at 60%, and years 21–25 at 80% of taxes otherwise due. The city also would receive a $110,000 financial contribution toward a pocket park and a negotiated annual service charge that functions as a minimum payment.
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